The depth of the PPI Mis-selling scandal increases once again. This time it is not the usual increase of the funds the banks are making available to compensate victims, but the cost to the regulator for dealing with complaints.
The Financial Conduct Authority (FCA), formerly the Financial Services Authority, have stated they need funds of £646.3Million for 2013/14, a huge 15% increase on the previous year. Although some other costs have contributed to this increase, 62% of the complaints received by the FCA are in relation to Payment Protection Insurance.
It is likely that the cost of this scandal to the regulators will be well into the £Billions!